NFTs first appeared at NYFW in February, offering exclusive rewards for designer guests. Now, they are granting access to more experiences and physical goods, a change that reflects a growing trend in fashion and retail towards fictitious products and token-gating. Keys aren’t the only blockchain-based tools to access NYFW experiences. Markarian is offering a slew of NFT Private Salon memberships ($0 for Silver, $250 for Gold, and $3,000 for Diamond), which have a chance to win invites to the live show on September 14 (all five Diamond holders get invites). guaranteed). Rebecca Minkoff and Mavion also released 55 NFTs in July, five of which include tickets to Minkoff’s upcoming NYFW show.
The first use cases are still incipient. But, if successful, the fashion shows could plan to more regularly accommodate NFT holders, who are often loyal, engaged and active fans of the brand. It’s another way that Web3 is working to democratize fashion by providing new avenues of access, as long as fans can afford the NFT. This trend reflects an interesting version of token activation, which is used to limit access to future product launches and experiences to select NFT holders. The premise remains (one must own a given NFT to gain access), however this approach aims to unlock previously inaccessible experiential opportunities, providing new avenues for brand engagement, should it resonate with consumers.
Last season, Joseph Altuzarra handed out corresponding NFTs to show attendees in a bid to “create a greater sense of community,” he told Vogue Business in February. This is the next step. “I want people interested in fashion at all levels to be able to participate, which is why I chose to participate in the design of this NFT,” he said.
Kim Shui, who first tried NFTs last season, wants to highlight the male dominance of the crypto space. As a designer of women’s clothing, Shui hopes that the physical and experiential opportunities unlocked by the key will not only open up the world of fashion, but also the cryptosphere, to women who might not otherwise have had access to these spaces.
The lower price of these NFTs and the option to split the payment into four installments reflects recognition of people’s reluctance to spend heavily on tokens that grant access to unique events. The lack of bids for the 8.5 ETH (approximately $13,000) Michelle Obama dress by Jason Wu and DressX, which came with two tickets to the show, suggests that people are not willing to pay through the roof to attend a fashion show.
A $100 NFT key looks more promising, particularly given the potential longevity of its utility. Wang is intrigued by how the project could grow and evolve. “What if you have multiple keys? What is the experience like for a fan who has owned a key for multiple seasons, and what benefits could a fan who purchased a key this season unlock for the next season? Could community composability allow for stickier fanbases and on-chain identity?
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Source: www.voguebusiness.com